Lead, an Input in the Production of Ammunition, Has Increased

question 92

Multiple Choice

Lead, an input in the production of ammunition, has increased in price from $0.60/lb in 2006 to over $1.50/lb in 2007. What happened to the equilibrium price and quantity of ammunition over this period?

• A) The equilibrium price increased and the equilibrium quantity decreased.
• B) The equilibrium price increased and the equilibrium quantity increaseB.
• C) The equilibrium price decreased and the equilibrium quantity decreaseC.
• D) The equilibrium price decreased and the equilibrium quantity increased.

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